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As Of Filer Filing For·On·As Docs:Size 8/01/23 Gartner Inc. 10-Q 6/30/23 82:9.6M |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 1.49M
2: EX-10.1 Material Contract HTML 1.22M
3: EX-10.3 Material Contract HTML 131K
4: EX-31.1 Certification -- §302 - SOA'02 HTML 26K
5: EX-31.2 Certification -- §302 - SOA'02 HTML 26K
6: EX-32 Certification -- §906 - SOA'02 HTML 24K
12: R1 Cover Page HTML 76K
13: R2 Condensed Consolidated Balance Sheets HTML 128K
14: R3 Condensed Consolidated Balance Sheets HTML 44K
(Parentheticals)
15: R4 Condensed Consolidated Statements of Operations HTML 106K
16: R5 Condensed Consolidated Statements of Comprehensive HTML 52K
Income
17: R6 Condensed Consolidated Statements of Changes in HTML 71K
Stockholders? Equity (Deficit)
18: R7 Condensed Consolidated Statements of Cash Flows HTML 101K
19: R8 Business and Basis of Presentation HTML 44K
20: R9 Acquisition and Divestiture HTML 26K
21: R10 Goodwill and Intangible Assets HTML 72K
22: R11 Revenue and Related Matters HTML 124K
23: R12 Computation of Earnings Per Share HTML 46K
24: R13 Stock-Based Compensation HTML 51K
25: R14 Segment Information HTML 96K
26: R15 Debt HTML 54K
27: R16 Equity HTML 105K
28: R17 Income Taxes HTML 28K
29: R18 Derivatives and Hedging HTML 67K
30: R19 Fair Value Disclosures HTML 66K
31: R20 Contingencies HTML 27K
32: R21 Leases HTML 97K
33: R22 Pay vs Performance Disclosure HTML 35K
34: R23 Insider Trading Arrangements HTML 28K
35: R24 Business and Basis of Presentation (Policies) HTML 60K
36: R25 Business and Basis of Presentation (Tables) HTML 45K
37: R26 Goodwill and Intangible Assets (Tables) HTML 76K
38: R27 Revenue and Related Matters (Tables) HTML 122K
39: R28 Computation of Earnings Per Share (Tables) HTML 45K
40: R29 Stock-Based Compensation (Tables) HTML 52K
41: R30 Segment Information (Tables) HTML 92K
42: R31 Debt (Tables) HTML 41K
43: R32 Equity (Tables) HTML 101K
44: R33 Derivatives and Hedging (Tables) HTML 68K
45: R34 Fair Value Disclosures (Tables) HTML 63K
46: R35 Leases (Tables) HTML 56K
47: R36 Business and Basis of Presentation - Narrative HTML 26K
(Details)
48: R37 Business and Basis of Presentation - Cash and Cash HTML 34K
Equivalents and Restricted Cash (Details)
49: R38 Acquisition and Divestiture (Details) HTML 58K
50: R39 Goodwill and Intangible Assets - Changes to the HTML 47K
Carrying Amount of Goodwill by Segment (Details)
51: R40 Goodwill and Intangible Assets - Carrying Amounts HTML 61K
of Amortizable Intangible Assets (Details)
52: R41 Goodwill and Intangible Assets - Estimated Future HTML 37K
Amortization Expense By Year From Amortizable
Intangibles (Details)
53: R42 Revenue and Related Matters - Disaggregation of HTML 55K
Revenue by Geographic Area (Details)
54: R43 Revenue and Related Matters - Timing Of Revenue HTML 49K
Recognition Liabilities per Segment (Details)
55: R44 Revenue and Related Matters - Revenue Remaining HTML 34K
Performance Obligation (Details)
56: R45 Revenue and Related Matters - Schedule of Contract HTML 40K
with Customer, Asset and Liability (Details)
57: R46 Computation of Earnings Per Share - Calculations HTML 58K
Of Basic And Diluted (Loss) Earnings Per Share
(Details)
58: R47 Computation of Earnings Per Share - Additional HTML 24K
information (Details)
59: R48 Stock-Based Compensation - Narrative (Details) HTML 26K
60: R49 Stock-Based Compensation - Stock-based HTML 47K
Compensation Expense by Award Type and Expense
Category (Details)
61: R50 Segment Information - Information About Reportable HTML 51K
Segments (Details)
62: R51 Segment Information - Reconciliation of Segment HTML 74K
Gross Contribution to Net Income (Details)
63: R52 Debt - Borrowings (Details) HTML 51K
64: R53 Debt - Footnote to Borrowings (Details) HTML 69K
65: R54 Debt - Narrative (Details) HTML 63K
66: R55 Debt - Interest Rate Swaps (Details) HTML 40K
67: R56 Equity - Share Repurchase Program and Share HTML 48K
Repurchase Activity (Details)
68: R57 Equity - Changes in AOCI/L by Component (Details) HTML 62K
69: R58 Income Taxes (Details) HTML 33K
70: R59 Derivatives and Hedging - Outstanding Derivatives HTML 49K
Contracts (Details)
71: R60 Derivatives and Hedging - Derivative Gains And HTML 33K
Losses That Have Been Recognized In Condensed
Consolidated Statements Of Operations (Details)
72: R61 Fair Value Disclosures - Assets And Liabilities HTML 43K
Measured At Fair Value On Recurring Basis
(Details)
73: R62 Fair Value Disclosures - Fair Value of Debt HTML 42K
Instruments (Details)
74: R63 Fair Value Disclosures - Narrative (Details) HTML 28K
75: R64 Leases - Narrative (Details) HTML 36K
76: R65 Leases - Net Lease Costs (Details) HTML 42K
77: R66 Leases - Supplemental Balance Sheet Information HTML 30K
(Details)
80: XML IDEA XML File -- Filing Summary XML 145K
78: XML XBRL Instance -- it-20230630_htm XML 2.25M
79: EXCEL IDEA Workbook of Financial Report Info XLSX 149K
8: EX-101.CAL XBRL Calculations -- it-20230630_cal XML 171K
9: EX-101.DEF XBRL Definitions -- it-20230630_def XML 546K
10: EX-101.LAB XBRL Labels -- it-20230630_lab XML 1.56M
11: EX-101.PRE XBRL Presentations -- it-20230630_pre XML 967K
7: EX-101.SCH XBRL Schema -- it-20230630 XSD 136K
81: JSON XBRL Instance as JSON Data -- MetaLinks 493± 705K
82: ZIP XBRL Zipped Folder -- 0000749251-23-000039-xbrl Zip 519K
| it-20230630 |
| i ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. | ||||
For the quarterly period ended i June 30, 2023 | |||||
| OR | |||||
| i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. | ||||
| i Delaware | i 04-3099750 | ||||||||||
| (State or other jurisdiction of | (I.R.S. Employer | ||||||||||
| incorporation or organization) | Identification Number) | ||||||||||
| i P.O. Box 10212 | i 06902-7700 | ||||||||||
| i 56 Top Gallant Road | (Zip Code) | ||||||||||
| i Stamford, | |||||||||||
| i Connecticut | |||||||||||
| (Address of principal executive offices) | |||||||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
| i Common Stock, $.0005 par value per share | i IT | i New York Stock Exchange | ||||||
| i Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||||||||
| Smaller reporting company | i ☐ | Emerging growth company | i ☐ | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||||||||||||||||||||||
| Page | |||||
PART II. OTHER INFORMATION | |||||
| June 30, | December 31, | ||||||||||
| 2023 | 2022 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | i 1,172,828 | $ | i 697,999 | |||||||
Fees
receivable, net of allowances of $ i 8,000 and $ i 9,000, respectively | i 1,271,792 | i 1,556,786 | |||||||||
| Deferred commissions | i 311,085 | i 363,079 | |||||||||
| Prepaid expenses and other current assets | i 143,473 | i 119,207 | |||||||||
| Assets held-for-sale | i — | i 49,036 | |||||||||
| Total current assets | i 2,899,178 | i 2,786,107 | |||||||||
| Property, equipment and leasehold improvements, net | i 258,601 | i 264,581 | |||||||||
| Operating lease right-of-use assets | i 398,250 | i 436,592 | |||||||||
| Goodwill | i 2,931,821 | i 2,930,211 | |||||||||
| Intangible assets, net | i 547,794 | i 584,714 | |||||||||
| Other assets | i 320,289 | i 297,531 | |||||||||
| Total Assets | $ | i 7,355,933 | $ | i 7,299,736 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | i 828,873 | $ | i 1,115,198 | |||||||
| Deferred revenues | i 2,499,379 | i 2,443,762 | |||||||||
| Current portion of long-term debt | i 9,000 | i 7,800 | |||||||||
| Liabilities held-for-sale | i — | i 30,840 | |||||||||
| Total current liabilities | i 3,337,252 | i 3,597,600 | |||||||||
| Long-term debt, net of deferred financing fees | i 2,451,137 | i 2,453,607 | |||||||||
| Operating lease liabilities | i 555,085 | i 597,267 | |||||||||
| Other liabilities | i 425,953 | i 423,464 | |||||||||
| Total Liabilities | i 6,769,427 | i 7,071,938 | |||||||||
| Stockholders’ Equity | |||||||||||
Preferred
stock, $ i i 0.01 / par value, i i 5,000,000 /
shares authorized; i i i i none / / /
issued or outstanding | i — | i — | |||||||||
Common stock, $ i i 0.0005 /
par value, i i 250,000,000 / shares authorized; i i 163,602,067 /
shares issued for both periods | i 82 | i 82 | |||||||||
| Additional paid-in capital | i 2,259,057 | i 2,179,604 | |||||||||
| Accumulated other comprehensive loss, net | ( i 85,127) | ( i 101,610) | |||||||||
| Accumulated earnings | i 4,350,652 | i 3,856,826 | |||||||||
Treasury
stock, at cost, i 84,425,787 and i 84,428,513 common shares, respectively | ( i 5,938,158) | ( i 5,707,104) | |||||||||
| Total Stockholders’ Equity | i 586,506 | i 227,798 | |||||||||
| Total Liabilities and Stockholders’ Equity | $ | i 7,355,933 | $ | i 7,299,736 | |||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Research | $ | i 1,207,885 | $ | i 1,142,329 | $ | i 2,425,076 | $ | i 2,278,709 | |||||||||||||||
| Conferences | i 168,897 | i 113,525 | i 233,539 | i 123,879 | |||||||||||||||||||
| Consulting | i 126,403 | i 120,667 | i 253,439 | i 236,673 | |||||||||||||||||||
| Total revenues | i 1,503,185 | i 1,376,521 | i 2,912,054 | i 2,639,261 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of services and product development | i 487,418 | i 424,535 | i 922,557 | i 801,568 | |||||||||||||||||||
| Selling, general and administrative | i 680,168 | i 604,911 | i 1,337,258 | i 1,222,815 | |||||||||||||||||||
| Depreciation | i 23,712 | i 22,910 | i 47,608 | i 46,111 | |||||||||||||||||||
| Amortization of intangibles | i 22,901 | i 24,754 | i 45,636 | i 49,902 | |||||||||||||||||||
| Acquisition and integration charges | i 1,973 | i 2,289 | i 3,341 | i 4,496 | |||||||||||||||||||
| Gain from sale of divested operation | i 3,906 | i — | ( i 135,410) | i — | |||||||||||||||||||
| Total costs and expenses | i 1,220,078 | i 1,079,399 | i 2,220,990 | i 2,124,892 | |||||||||||||||||||
| Operating income | i 283,107 | i 297,122 | i 691,064 | i 514,369 | |||||||||||||||||||
| Interest expense, net | ( i 24,558) | ( i 29,719) | ( i 51,949) | ( i 61,113) | |||||||||||||||||||
| Gain on event cancellation insurance claims | i — | i — | i 3,077 | i — | |||||||||||||||||||
| Other income, net | i 5,575 | i 8,548 | i 3,209 | i 37,754 | |||||||||||||||||||
| Income before income taxes | i 264,124 | i 275,951 | i 645,401 | i 491,010 | |||||||||||||||||||
| Provision for income taxes | i 66,081 | i 71,026 | i 151,575 | i 113,570 | |||||||||||||||||||
| Net income | $ | i 198,043 | $ | i 204,925 | $ | i 493,826 | $ | i 377,440 | |||||||||||||||
| Net income per share: | |||||||||||||||||||||||
| Basic | $ | i 2.50 | $ | i 2.55 | $ | i 6.22 | $ | i 4.65 | |||||||||||||||
| Diluted | $ | i 2.48 | $ | i 2.53 | $ | i 6.17 | $ | i 4.60 | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | i 79,285 | i 80,271 | i 79,368 | i 81,145 | |||||||||||||||||||
| Diluted | i 79,820 | i 80,974 | i 80,015 | i 82,011 | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Net income | $ | i 198,043 | $ | i 204,925 | $ | i 493,826 | $ | i 377,440 | |||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Foreign currency translation adjustments | i 6,932 | ( i 25,431) | i 8,764 | ( i 32,229) | |||||||||||||||||||
| Interest rate swaps – net change in deferred gain or loss | i 3,818 | i 3,869 | i 7,652 | i 9,239 | |||||||||||||||||||
| Pension plans – net change in deferred actuarial loss | i 33 | ( i 143) | i 67 | ( i 95) | |||||||||||||||||||
| Other comprehensive income (loss), net of tax | i 10,783 | ( i 21,705) | i 16,483 | ( i 23,085) | |||||||||||||||||||
| Comprehensive income | $ | i 208,826 | $ | i 183,220 | $ | i 510,309 | $ | i 354,355 | |||||||||||||||
| Three and Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
| Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss, Net | Accumulated Earnings | Treasury Stock | Total | ||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | i 82 | $ | i 2,179,604 | $ | ( i 101,610) | $ | i 3,856,826 | $ | ( i 5,707,104) | $ | i 227,798 | |||||||||||||||||||||||
| Net income | — | — | — | i 295,783 | — | i 295,783 | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | i 5,700 | — | — | i 5,700 | |||||||||||||||||||||||||||||
| Issuances under stock plans | — | ( i 2,141) | — | — | i 9,520 | i 7,379 | |||||||||||||||||||||||||||||
| Common share repurchases | — | — | — | — | ( i 108,850) | ( i 108,850) | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | i 45,048 | — | — | — | i 45,048 | |||||||||||||||||||||||||||||
| Balance at March 31, 2023 | $ | i 82 | $ | i 2,222,511 | $ | ( i 95,910) | $ | i 4,152,609 | $ | ( i 5,806,434) | $ | i 472,858 | |||||||||||||||||||||||
| Net income | — | — | — | i 198,043 | — | i 198,043 | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | i 10,783 | — | — | i 10,783 | |||||||||||||||||||||||||||||
| Issuances under stock plans | — | i 4,313 | — | — | i 1,586 | i 5,899 | |||||||||||||||||||||||||||||
| Common share repurchases (including excise tax) | — | — | — | — | ( i 133,310) | ( i 133,310) | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | i 32,233 | — | — | — | i 32,233 | |||||||||||||||||||||||||||||
| Balance at June 30, 2023 | $ | i 82 | $ | i 2,259,057 | $ | ( i 85,127) | $ | i 4,350,652 | $ | ( i 5,938,158) | $ | i 586,506 | |||||||||||||||||||||||
| Three and Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
| Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss, Net | Accumulated Earnings | Treasury Stock | Total | ||||||||||||||||||||||||||||||
| Balance at December 31, 2021 | $ | i 82 | $ | i 2,074,896 | $ | ( i 81,431) | $ | i 3,049,027 | $ | ( i 4,671,516) | $ | i 371,058 | |||||||||||||||||||||||
| Net income | — | — | — | i 172,515 | — | i 172,515 | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | ( i 1,380) | — | — | ( i 1,380) | |||||||||||||||||||||||||||||
| Issuances under stock plans | — | i 579 | — | — | i 6,385 | i 6,964 | |||||||||||||||||||||||||||||
| Common share repurchases | — | — | — | — | ( i 463,125) | ( i 463,125) | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | i 32,121 | — | — | — | i 32,121 | |||||||||||||||||||||||||||||
| Balance at March 31, 2022 | $ | i 82 | $ | i 2,107,596 | $ | ( i 82,811) | $ | i 3,221,542 | $ | ( i 5,128,256) | $ | i 118,153 | |||||||||||||||||||||||
| Net income | — | — | — | i 204,925 | — | i 204,925 | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | ( i 21,705) | — | — | ( i 21,705) | |||||||||||||||||||||||||||||
| Issuances under stock plans | — | i 4,634 | — | — | i 427 | i 5,061 | |||||||||||||||||||||||||||||
| Common share repurchases | — | — | — | — | ( i 473,755) | ( i 473,755) | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | i 24,454 | — | — | — | i 24,454 | |||||||||||||||||||||||||||||
| Balance at June 30, 2022 | $ | i 82 | $ | i 2,136,684 | $ | ( i 104,516) | $ | i 3,426,467 | $ | ( i 5,601,584) | $ | ( i 142,867) | |||||||||||||||||||||||
| Six Months Ended | |||||||||||
| June 30, | |||||||||||
| 2023 | 2022 | ||||||||||
| Operating activities: | |||||||||||
| Net income | $ | i 493,826 | $ | i 377,440 | |||||||
| Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
| Depreciation and amortization | i 93,244 | i 96,013 | |||||||||
| Stock-based compensation expense | i 77,281 | i 56,575 | |||||||||
| Deferred taxes | ( i 16,153) | i 3,256 | |||||||||
| Gain from sale of divested operation | ( i 135,410) | i — | |||||||||
| Loss on impairment of lease related assets | i 18,727 | i 35,501 | |||||||||
| Reduction in the carrying amount of operating lease right-of-use assets | i 35,357 | i 35,366 | |||||||||
| Amortization and write-off of deferred financing fees | i 2,330 | i 2,273 | |||||||||
| Gain on de-designated swaps | ( i 5,101) | ( i 40,547) | |||||||||
| Changes in assets and liabilities, net of acquisitions and divestitures: | |||||||||||
| Fees receivable, net | i 294,569 | i 159,098 | |||||||||
| Deferred commissions | i 54,053 | i 60,156 | |||||||||
| Prepaid expenses and other current assets | ( i 18,667) | ( i 20,248) | |||||||||
| Other assets | ( i 30,738) | i 11,317 | |||||||||
| Deferred revenues | i 36,704 | i 212,083 | |||||||||
| Accounts payable and accrued and other liabilities | ( i 299,561) | ( i 404,891) | |||||||||
| Cash provided by operating activities | i 600,461 | i 583,392 | |||||||||
| Investing activities: | |||||||||||
| Additions to property, equipment and leasehold improvements | ( i 46,694) | ( i 38,385) | |||||||||
| Proceeds from sale of divested operation | i 156,057 | i — | |||||||||
| Cash provided by (used in) investing activities | i 109,363 | ( i 38,385) | |||||||||
| Financing activities: | |||||||||||
| Proceeds from employee stock purchase plan | i 13,240 | i 11,995 | |||||||||
| Payments on borrowings | ( i 3,600) | ( i 2,663) | |||||||||
| Purchases of treasury stock | ( i 238,372) | ( i 929,880) | |||||||||
| Cash used in financing activities | ( i 228,732) | ( i 920,548) | |||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | i 481,092 | ( i 375,541) | |||||||||
| Effects of exchange rates on cash and cash equivalents | ( i 6,263) | ( i 20,479) | |||||||||
| Cash and cash equivalents and restricted cash, beginning of period | i 698,599 | i 760,602 | |||||||||
| Cash and cash equivalents and restricted cash, end of period | $ | i 1,173,428 | $ | i 364,582 | |||||||
| June 30, | December 31, | |||||||||||||
| 2023 | 2022 | |||||||||||||
| Cash and cash equivalents | $ | i 1,172,828 | $ | i 697,999 | ||||||||||
| Restricted cash classified in (1): | ||||||||||||||
| Prepaid expenses and other current assets | i 600 | i — | ||||||||||||
| Other assets | i — | i 600 | ||||||||||||
| Cash and cash equivalents and restricted cash | $ | i 1,173,428 | $ | i 698,599 | ||||||||||
| Research | Conferences | Consulting | Total | ||||||||||||||||||||
| Balance at December 31, 2022 (1) | $ | i 2,651,193 | $ | i 183,951 | $ | i 95,067 | $ | i 2,930,211 | |||||||||||||||
| Foreign currency translation impact | i 1,033 | i 22 | i 555 | i 1,610 | |||||||||||||||||||
| Balance at June 30, 2023 (1) | $ | i 2,652,226 | $ | i 183,973 | $ | i 95,622 | $ | i 2,931,821 | |||||||||||||||
| June 30, 2023 | Customer Relationships | Technology-related | Other | Total | ||||||||||||||||||||||||||||
| Gross cost at December 31, 2022 | $ | i 1,060,541 | $ | i 11,200 | $ | i 10,436 | $ | i 1,082,177 | ||||||||||||||||||||||||
| Intangible assets fully amortized | i — | ( i 632) | i — | ( i 632) | ||||||||||||||||||||||||||||
| Foreign currency translation impact | i 16,292 | i 38 | i — | i 16,330 | ||||||||||||||||||||||||||||
| Gross cost | i 1,076,833 | i 10,606 | i 10,436 | i 1,097,875 | ||||||||||||||||||||||||||||
| Accumulated amortization (1) | ( i 537,103) | ( i 6,873) | ( i 6,105) | ( i 550,081) | ||||||||||||||||||||||||||||
| Balance at June 30, 2023 | $ | i 539,730 | $ | i 3,733 | $ | i 4,331 | $ | i 547,794 | ||||||||||||||||||||||||
| December 31, 2022 | Customer Relationships | Technology-related | Other | Total | ||||||||||||||||||||||||||||
| Gross cost | $ | i 1,060,541 | i 11,200 | $ | i 10,436 | $ | i 1,082,177 | |||||||||||||||||||||||||
| Accumulated amortization (1) | ( i 486,260) | ( i 5,600) | ( i 5,603) | ( i 497,463) | ||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | i 574,281 | $ | i 5,600 | $ | i 4,833 | $ | i 584,714 | ||||||||||||||||||||||||
| 2023 (remaining six months) | $ | i 46,004 | |||
| 2024 | i 90,111 | ||||
| 2025 | i 81,444 | ||||
| 2026 | i 78,769 | ||||
| 2027 | i 78,161 | ||||
| Thereafter | i 173,305 | ||||
| $ | i 547,794 | ||||
| Three Months Ended June 30, 2023 | ||||||||||||||
| Primary Geographic Market | Research | Conferences | Consulting | Total | ||||||||||
| United States and Canada | $ | i 812,724 | $ | i 123,243 | $ | i 76,413 | $ | i 1,012,380 | ||||||
| Europe, Middle East and Africa | i 258,255 | i 38,803 | i 33,865 | i 330,923 | ||||||||||
| Other International | i 136,906 | i 6,851 | i 16,125 | i 159,882 | ||||||||||
| Total revenues | $ | i 1,207,885 | $ | i 168,897 | $ | i 126,403 | $ | i 1,503,185 | ||||||
| Three Months Ended June 30, 2022 | ||||||||||||||
| Primary Geographic Market | Research | Conferences | Consulting | Total | ||||||||||
| United States and Canada | $ | i 752,670 | $ | i 87,267 | $ | i 72,816 | $ | i 912,753 | ||||||
| Europe, Middle East and Africa | i 255,417 | i 21,036 | i 34,047 | i 310,500 | ||||||||||
| Other International | i 134,242 | i 5,222 | i 13,804 | i 153,268 | ||||||||||
| Total revenues | $ | i 1,142,329 | $ | i 113,525 | $ | i 120,667 | $ | i 1,376,521 | ||||||
| Six Months Ended June 30, 2023 | ||||||||||||||
| Primary Geographic Market | Research | Conferences | Consulting | Total | ||||||||||
| United States and Canada | $ | i 1,622,123 | $ | i 172,018 | $ | i 153,388 | $ | i 1,947,529 | ||||||
| Europe, Middle East and Africa | i 526,912 | i 48,010 | i 66,803 | i 641,725 | ||||||||||
| Other International | i 276,041 | i 13,511 | i 33,248 | i 322,800 | ||||||||||
| Total revenues | $ | i 2,425,076 | $ | i 233,539 | $ | i 253,439 | $ | i 2,912,054 | ||||||
| Six Months Ended June 30, 2022 | ||||||||||||||
| Primary Geographic Market | Research | Conferences | Consulting | Total | ||||||||||
| United States and Canada | $ | i 1,493,199 | $ | i 94,919 | $ | i 141,605 | $ | i 1,729,723 | ||||||
| Europe, Middle East and Africa | i 518,546 | i 22,274 | i 66,491 | i 607,311 | ||||||||||
| Other International | i 266,964 | i 6,686 | i 28,577 | i 302,227 | ||||||||||
| Total revenues | $ | i 2,278,709 | $ | i 123,879 | $ | i 236,673 | $ | i 2,639,261 | ||||||
| Three Months Ended June 30, 2023 | ||||||||||||||
| Timing of Revenue Recognition | Research | Conferences | Consulting | Total | ||||||||||
| Transferred over time (1) | $ | i 1,113,328 | $ | i — | $ | i 103,921 | $ | i 1,217,249 | ||||||
| Transferred at a point in time (2) | i 94,557 | i 168,897 | i 22,482 | i 285,936 | ||||||||||
| Total revenues | $ | i 1,207,885 | $ | i 168,897 | $ | i 126,403 | $ | i 1,503,185 | ||||||
| Three Months Ended June 30, 2022 | ||||||||||||||
| Timing of Revenue Recognition | Research | Conferences | Consulting | Total | ||||||||||
| Transferred over time (1) | $ | i 1,037,864 | $ | i — | $ | i 95,201 | $ | i 1,133,065 | ||||||
| Transferred at a point in time (2) | i 104,465 | i 113,525 | i 25,466 | i 243,456 | ||||||||||
| Total revenues | $ | i 1,142,329 | $ | i 113,525 | $ | i 120,667 | $ | i 1,376,521 | ||||||
| Six Months Ended June 30, 2023 | ||||||||||||||
| Timing of Revenue Recognition | Research | Conferences | Consulting | Total | ||||||||||
| Transferred over time (1) | $ | i 2,223,124 | $ | i — | $ | i 200,928 | $ | i 2,424,052 | ||||||
| Transferred at a point in time (2) | i 201,952 | i 233,539 | i 52,511 | i 488,002 | ||||||||||
| Total revenues | $ | i 2,425,076 | $ | i 233,539 | $ | i 253,439 | $ | i 2,912,054 | ||||||
| Six Months Ended June 30, 2022 | ||||||||||||||
| Timing of Revenue Recognition | Research | Conferences | Consulting | Total | ||||||||||
| Transferred over time (1) | $ | i 2,063,674 | $ | i — | $ | i 191,637 | $ | i 2,255,311 | ||||||
| Transferred at a point in time (2) | i 215,035 | i 123,879 | i 45,036 | i 383,950 | ||||||||||
| Total revenues | $ | i 2,278,709 | $ | i 123,879 | $ | i 236,673 | $ | i 2,639,261 | ||||||
| June 30, | December 31, | ||||||||||
| 2023 | 2022 | ||||||||||
| Assets: | |||||||||||
| Fees receivable, gross (1) | $ | i 1,279,792 | $ | i 1,565,786 | |||||||
| Contract assets recorded in Prepaid expenses and other current assets (2) | $ | i 33,198 | $ | i 21,183 | |||||||
| Contract liabilities: | |||||||||||
| Deferred revenues (current liability) (3) | $ | i 2,499,379 | $ | i 2,443,762 | |||||||
| Non-current deferred revenues recorded in Other liabilities (3) | i 30,929 | i 39,115 | |||||||||
| Total contract liabilities | $ | i 2,530,308 | $ | i 2,482,877 | |||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
| Numerator: | ||||||||||||||||||||||||||
| Net income used for calculating basic and diluted income per share | $ | i 198,043 | $ | i 204,925 | $ | i 493,826 | $ | i 377,440 | ||||||||||||||||||
| Denominator: | ||||||||||||||||||||||||||
| Weighted average common shares used in the calculation of basic income per share | i 79,285 | i 80,271 | i 79,368 | i 81,145 | ||||||||||||||||||||||
| Dilutive effect of outstanding awards associated with stock-based compensation plans (1) | i 535 | i 703 | i 647 | i 866 | ||||||||||||||||||||||
| Shares used in the calculation of diluted income per share | i 79,820 | i 80,974 | i 80,015 | i 82,011 | ||||||||||||||||||||||
| Basic income per share | $ | i 2.50 | $ | i 2.55 | $ | i 6.22 | $ | i 4.65 | ||||||||||||||||||
| Diluted income per share | $ | i 2.48 | $ | i 2.53 | $ | i 6.17 | $ | i 4.60 | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| Award type | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
| Stock appreciation rights | $ | i 3.1 | $ | i 2.5 | $ | i 5.6 | $ | i 4.4 | ||||||||||||||||||
| Restricted stock units | i 28.9 | i 21.8 | i 71.1 | i 51.8 | ||||||||||||||||||||||
| Common stock equivalents | i 0.3 | i 0.2 | i 0.6 | i 0.4 | ||||||||||||||||||||||
| Total (1) | $ | i 32.3 | $ | i 24.5 | $ | i 77.3 | $ | i 56.6 | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| Expense category line item | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
| Cost of services and product development | $ | i 12.7 | $ | i 7.9 | $ | i 31.0 | $ | i 19.4 | ||||||||||||||||||
| Selling, general and administrative | i 19.6 | i 16.6 | i 46.3 | i 37.2 | ||||||||||||||||||||||
| Total (1) | $ | i 32.3 | $ | i 24.5 | $ | i 77.3 | $ | i 56.6 | ||||||||||||||||||
| Three Months Ended June 30, 2023 | Research | Conferences | Consulting | Consolidated | |||||||||||||||||||
| Revenues | $ | i 1,207,885 | $ | i 168,897 | $ | i 126,403 | $ | i 1,503,185 | |||||||||||||||
| Gross contribution | i 885,282 | i 98,450 | i 47,321 | i 1,031,053 | |||||||||||||||||||
| Corporate and other expenses | ( i 747,946) | ||||||||||||||||||||||
| Operating income | $ | i 283,107 | |||||||||||||||||||||
| Three Months Ended June 30, 2022 | Research | Conferences | Consulting | Consolidated | |||||||||||||||||||
| Revenues | $ | i 1,142,329 | $ | i 113,525 | $ | i 120,667 | $ | i 1,376,521 | |||||||||||||||
| Gross contribution | i 843,965 | i 73,526 | i 50,223 | i 967,714 | |||||||||||||||||||
| Corporate and other expenses | ( i 670,592) | ||||||||||||||||||||||
| Operating income | $ | i 297,122 | |||||||||||||||||||||
| Six Months Ended June 30, 2023 | Research | Conferences | Consulting | Consolidated | |||||||||||||||||||
| Revenues | $ | i i 2,425,076 / | $ | i 233,539 | $ | i 253,439 | $ | i 2,912,054 | |||||||||||||||
| Gross contribution | i 1,784,796 | i 125,238 | i 98,129 | i 2,008,163 | |||||||||||||||||||
| Corporate and other expenses | ( i 1,317,099) | ||||||||||||||||||||||
| Operating income | $ | i 691,064 | |||||||||||||||||||||
| Six Months Ended June 30, 2022 | Research | Conferences | Consulting | Consolidated | |||||||||||||||||||
| Revenues | $ | i 2,278,709 | $ | i 123,879 | $ | i 236,673 | $ | i 2,639,261 | |||||||||||||||
| Gross contribution | i 1,693,344 | i 70,650 | i 101,235 | i 1,865,229 | |||||||||||||||||||
| Corporate and other expenses | ( i 1,350,860) | ||||||||||||||||||||||
| Operating income | $ | i 514,369 | |||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
| Total segment gross contribution | $ | i 1,031,053 | $ | i 967,714 | $ | i 2,008,163 | $ | i 1,865,229 | ||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||
| Cost of services and product development - unallocated (1) | i 15,286 | i 15,728 | i 18,666 | i 27,536 | ||||||||||||||||||||||
| Selling, general and administrative | i 680,168 | i 604,911 | i 1,337,258 | i 1,222,815 | ||||||||||||||||||||||
| Depreciation and amortization | i 46,613 | i 47,664 | i 93,244 | i 96,013 | ||||||||||||||||||||||
| Acquisition and integration charges | i 1,973 | i 2,289 | i 3,341 | i 4,496 | ||||||||||||||||||||||
| Gain from sale of divested operation | i 3,906 | i — | ( i 135,410) | i — | ||||||||||||||||||||||
| Operating income | i 283,107 | i 297,122 | i 691,064 | i 514,369 | ||||||||||||||||||||||
| Interest expense and other, net | ( i 18,983) | ( i 21,171) | ( i 48,740) | ( i 23,359) | ||||||||||||||||||||||
| Gain on event cancellation insurance claims | i — | i — | i 3,077 | i — | ||||||||||||||||||||||
| Less: Provision for income taxes | i 66,081 | i 71,026 | i 151,575 | i 113,570 | ||||||||||||||||||||||
| Net income | $ | i 198,043 | $ | i 204,925 | $ | i 493,826 | $ | i 377,440 | ||||||||||||||||||
| June 30, | December 31, | |||||||||||||
| Description | 2023 | 2022 | ||||||||||||
| 2020 Credit Agreement - Term loan facility (1) | $ | i 278,600 | $ | i 282,200 | ||||||||||
| 2020 Credit Agreement - Revolving credit facility (1), (2) | i — | i — | ||||||||||||
Senior
Notes due 2028 (“2028 Notes”) (3) | i 800,000 | i 800,000 | ||||||||||||
Senior
Notes due 2029 (“2029 Notes”) (4) | i 600,000 | i 600,000 | ||||||||||||
Senior
Notes due 2030 (“2030 Notes”) (5) | i 800,000 | i 800,000 | ||||||||||||
| Other (6) | i 5,000 | i 5,000 | ||||||||||||
| Principal amount outstanding (7) | i 2,483,600 | i 2,487,200 | ||||||||||||
| Less: deferred financing fees (8) | ( i 23,463) | ( i 25,793) | ||||||||||||
| Net balance sheet carrying amount | $ | i 2,460,137 | $ | i 2,461,407 | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
| Number of shares repurchased (1) | i 423,833 | i 1,781,137 | i 751,513 | i 3,408,846 | ||||||||||||||||||||||
| Cash paid for repurchased shares (in thousands) (2) | $ | i 131,522 | $ | i 478,810 | $ | i 238,372 | $ | i 929,880 | ||||||||||||||||||
| Interest
Rate Swaps | Defined Benefit Pension Plans | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||||
| Balance – March 31, 2023 | $ | ( i 35,414) | $ | ( i 4,213) | $ | ( i 56,283) | $ | ( i 95,910) | ||||||||||||||||||
| Other comprehensive income (loss) activity during the period: | ||||||||||||||||||||||||||
| Change in AOCL before reclassifications to income | i — | i — | i 6,932 | i 6,932 | ||||||||||||||||||||||
| Reclassifications from AOCL to income (2), (3) | i 3,818 | i 33 | i — | i 3,851 | ||||||||||||||||||||||
| Other comprehensive income (loss), net | i 3,818 | i 33 | i 6,932 | i 10,783 | ||||||||||||||||||||||
| Balance – June 30, 2023 | $ | ( i 31,596) | $ | ( i 4,180) | $ | ( i 49,351) | $ | ( i 85,127) | ||||||||||||||||||
| Interest Rate Swaps | Defined Benefit Pension Plans | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||||
| Balance – March 31, 2022 | $ | ( i 50,953) | $ | ( i 6,624) | $ | ( i 25,234) | $ | ( i 82,811) | ||||||||||||||||||
| Other comprehensive income (loss) activity during the period: | ||||||||||||||||||||||||||
| Change in AOCL before reclassifications to income | i — | ( i 189) | ( i 25,431) | ( i 25,620) | ||||||||||||||||||||||
| Reclassifications from AOCL to income (2), (3) | i 3,869 | i 46 | i — | i 3,915 | ||||||||||||||||||||||
| Other comprehensive income (loss), net | i 3,869 | ( i 143) | ( i 25,431) | ( i 21,705) | ||||||||||||||||||||||
| Balance – June 30, 2022 | $ | ( i 47,084) | $ | ( i 6,767) | $ | ( i 50,665) | $ | ( i 104,516) | ||||||||||||||||||
Six
Months Ended June 30, 2023 | ||||||||||||||||||||||||||
| Interest Rate Swaps | Defined Benefit Pension Plans | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||||
| Balance – December 31, 2022 | $ | ( i 39,248) | $ | ( i 4,247) | $ | ( i 58,115) | $ | ( i 101,610) | ||||||||||||||||||
| Other comprehensive income (loss) activity during the period: | ||||||||||||||||||||||||||
| Change in AOCL before reclassifications to income | i — | i — | i 8,764 | i 8,764 | ||||||||||||||||||||||
| Reclassifications from AOCL to income (2), (3) | i 7,652 | i 67 | i — | i 7,719 | ||||||||||||||||||||||
| Other comprehensive income (loss), net | i 7,652 | i 67 | i 8,764 | i 16,483 | ||||||||||||||||||||||
| Balance – June 30, 2023 | $ | ( i 31,596) | $ | ( i 4,180) | $ | ( i 49,351) | $ | ( i 85,127) | ||||||||||||||||||
| Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
| Interest Rate Swaps | Defined Benefit Pension Plans | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||||
| Balance – December 31, 2021 | $ | ( i 56,323) | $ | ( i 6,672) | $ | ( i 18,436) | $ | ( i 81,431) | ||||||||||||||||||
| Other comprehensive income (loss) activity during the period: | ||||||||||||||||||||||||||
| Change in AOCL before reclassifications to income | i — | ( i 189) | ( i 32,229) | ( i 32,418) | ||||||||||||||||||||||
| Reclassifications from AOCL to income (2), (3) | i 9,239 | i 94 | i — | i 9,333 | ||||||||||||||||||||||
| Other comprehensive income (loss), net | i 9,239 | ( i 95) | ( i 32,229) | ( i 23,085) | ||||||||||||||||||||||
| Balance – June 30, 2022 | $ | ( i 47,084) | $ | ( i 6,767) | $ | ( i 50,665) | $ | ( i 104,516) | ||||||||||||||||||
| June 30, 2023 | ||||||||||||||||||||||||||||||||
| Derivative Contract Type | Number of Contracts | Notional Amounts | Fair Value Asset (Liability), Net (3) | Balance Sheet Line Item | Unrealized Loss Recorded in AOCL, net of tax | |||||||||||||||||||||||||||
| Interest rate swaps (1) | i 1 | $ | i 350,000 | $ | i 4,475 | Other assets | $ | ( i 31,596) | ||||||||||||||||||||||||
| i 7,848 | Other current assets | |||||||||||||||||||||||||||||||
| Foreign currency forwards (2) | i 27 | i 231,303 | ( i 262) | Accrued liabilities | i — | |||||||||||||||||||||||||||
| Total | i 28 | $ | i 581,303 | $ | i 12,061 | $ | ( i 31,596) | |||||||||||||||||||||||||
| December 31, 2022 | ||||||||||||||||||||||||||||||||
| Derivative Contract Type | Number of Contracts | Notional Amounts | Fair Value Asset (Liability), Net (3) | Balance Sheet Line Item | Unrealized Loss Recorded in AOCL, net of tax | |||||||||||||||||||||||||||
| Interest rate swaps (1) | i 1 | $ | i 350,000 | $ | i 3,952 | Other assets | $ | ( i 39,248) | ||||||||||||||||||||||||
| i 6,346 | Other current assets | |||||||||||||||||||||||||||||||
| Foreign currency forwards (2) | i 138 | i 687,763 | i 625 | Other current assets | i — | |||||||||||||||||||||||||||
| Total | i 139 | $ | i 1,037,763 | $ | i 10,923 | $ | ( i 39,248) | |||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| Amount recorded in: | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
| Interest expense, net (1) | $ | i 5,094 | $ | i 5,164 | $ | i 10,211 | $ | i 12,330 | ||||||||||||||||||
| Other (income) expense, net (2) | ( i 7,704) | i 8,149 | ( i 5,800) | ( i 18,751) | ||||||||||||||||||||||
| Total (income) expense, net | $ | ( i 2,610) | $ | i 13,313 | $ | i 4,411 | $ | ( i 6,421) | ||||||||||||||||||
| Description | June 30, 2023 | December 31, 2022 | ||||||||||||
| Assets: | ||||||||||||||
| Values based on Level 1 inputs: | ||||||||||||||
| Deferred compensation plan assets (1) | $ | i 14,387 | $ | i 6,065 | ||||||||||
| Total Level 1 inputs | i 14,387 | i 6,065 | ||||||||||||
| Values based on Level 2 inputs: | ||||||||||||||
| Deferred compensation plan assets (1) | i 94,943 | i 84,318 | ||||||||||||
| Foreign currency forward contracts (2) | i 112 | i 3,236 | ||||||||||||
| Interest rate swap contract (3) | i 12,323 | i 10,298 | ||||||||||||
| Total Level 2 inputs | i 107,378 | i 97,852 | ||||||||||||
| Total Assets | $ | i 121,765 | $ | i 103,917 | ||||||||||
| Liabilities: | ||||||||||||||
| Values based on Level 2 inputs: | ||||||||||||||
| Deferred compensation plan liabilities (1) | $ | i 114,911 | $ | i 96,641 | ||||||||||
| Foreign currency forward contracts (2) | i 374 | i 2,611 | ||||||||||||
| Total Level 2 inputs | i 115,285 | i 99,252 | ||||||||||||
| Total Liabilities | $ | i 115,285 | $ | i 99,252 | ||||||||||
| Carrying Amount | Fair Value | |||||||||||||||||||||||||
| June 30, | December 31, | June 30, | December 31, | |||||||||||||||||||||||
| Description | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
| 2028 Notes | $ | i 793,504 | $ | i 792,934 | $ | i 749,000 | $ | i 740,864 | ||||||||||||||||||
| 2029 Notes | i 594,368 | i 593,951 | i 530,544 | i 523,842 | ||||||||||||||||||||||
| 2030 Notes | i 792,752 | i 792,324 | i 698,392 | i 688,856 | ||||||||||||||||||||||
| Total | $ | i 2,180,624 | $ | i 2,179,209 | $ | i 1,977,936 | $ | i 1,953,562 | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
| Description: | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
| Operating lease cost (1) | $ | i 28,567 | $ | i 29,532 | $ | i 57,366 | $ | i 59,896 | ||||||||||||||||||
| Lease cost (2) | i 5,560 | i 2,783 | i 10,280 | i 7,051 | ||||||||||||||||||||||
| Sublease income | ( i 13,284) | ( i 11,812) | ( i 25,925) | ( i 22,737) | ||||||||||||||||||||||
| Total lease cost, net (3) (4) | $ | i 20,843 | $ | i 20,503 | $ | i 41,721 | $ | i 44,210 | ||||||||||||||||||
| Cash paid for amounts included in the measurement of operating lease liabilities | $ | i 35,194 | $ | i 34,042 | $ | i 70,142 | $ | i 68,859 | ||||||||||||||||||
| Cash receipts from sublease arrangements | $ | i 12,779 | $ | i 11,466 | $ | i 25,218 | $ | i 22,630 | ||||||||||||||||||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ | i 6,344 | $ | i 4,752 | $ | i 7,991 | $ | i 11,682 | ||||||||||||||||||
| June 30, | December 31, | |||||||||||||
| Description: | 2023 | 2022 | ||||||||||||
| Accounts payable and accrued liabilities | $ | i 105,026 | $ | i 99,717 | ||||||||||
| Operating lease liabilities | i 555,085 | i 597,267 | ||||||||||||
| Total operating lease liabilities included in the Condensed Consolidated Balance Sheets | $ | i 660,111 | $ | i 696,984 | ||||||||||
| BUSINESS SEGMENT | BUSINESS MEASUREMENT | |||||||
| Research | Contract
value represents the dollar value attributable to all of our subscription-related contracts. It is calculated as the annualized value of all contracts in effect at a specific point in time, without regard to the duration of the contract. Contract value primarily includes Research deliverables for which revenue is recognized on a ratable basis, as well as other deliverables (primarily Conferences tickets) for which revenue is recognized when the deliverable is utilized. Comparing contract
value year-over-year not only measures the short-term growth of our business, but also signals the long-term health of our Research subscription business since it measures revenue that is highly likely to recur over a multi-year period. Our contract value consists of Global Technology Sales contract value, which includes sales to users and providers of technology, and Global Business Sales contract value, which includes sales to all other functional leaders. | |||||||
Client
retention rate represents a measure of client satisfaction and renewed business relationships at a specific point in time. Client retention is calculated on a percentage basis by dividing our current clients, who were also clients a year ago, by all clients from a year ago. Client retention is calculated at an enterprise level, which represents a single company or customer. | ||||||||
Wallet retention rate represents a measure of the amount of contract value we have retained with clients over a twelve-month period. Wallet retention is calculated on a percentage basis by dividing
the contract value of our current clients, who were also clients a year ago, by the contract value from a year ago, excluding the impact of foreign currency exchange. When wallet retention exceeds client retention, it is an indication of retention of higher-spending clients, or increased spending by retained clients, or both. Wallet retention is calculated at an enterprise level, which represents a single company or customer. | ||||||||
| Conferences | Number of destination conferences represents the total number of
hosted virtual or in-person conferences completed during the period. Single day, local meetings are excluded. | |||||||
Number of destination conferences attendees represents the total number of people who attend virtual or in-person conferences. Single day, local meetings are excluded. | ||||||||
| Consulting | Consulting backlog
represents future revenue to be derived from in-process consulting and benchmark analytics engagements. | |||||||
Utilization rate represents a measure of productivity of our consultants. Utilization rates are calculated for billable headcount on a percentage basis by dividing total hours billed by total hours available to bill. | ||||||||
| Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Increase (Decrease) | Increase (Decrease) % | ||||||||||||||||||||
| Total revenues | $ | 1,503,185 | $ | 1,376,521 | $ | 126,664 | 9 | % | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of services and product development | 487,418 | 424,535 | 62,883 | 15 | |||||||||||||||||||
| Selling, general and administrative | 680,168 | 604,911 | 75,257 | 12 | |||||||||||||||||||
| Depreciation | 23,712 | 22,910 | 802 | 4 | |||||||||||||||||||
| Amortization of intangibles | 22,901 | 24,754 | (1,853) | (7) | |||||||||||||||||||
| Acquisition and integration charges | 1,973 | 2,289 | (316) | (14) | |||||||||||||||||||
Gain
from sale of divested operation | 3,906 | — | 3,906 | nm | |||||||||||||||||||
| Operating income | 283,107 | 297,122 | (14,015) | (5) | |||||||||||||||||||
| Interest expense, net | (24,558) | (29,719) | (5,161) | (17) | |||||||||||||||||||
| Other income, net | 5,575 | 8,548 | (2,973) | (35) | |||||||||||||||||||
| Less: Provision for income taxes | 66,081 | 71,026 | (4,945) | (7) | |||||||||||||||||||
| Net income | $ | 198,043 | $ | 204,925 | $ | (6,882) | (3) | % | |||||||||||||||
| Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | Increase (Decrease) | Increase (Decrease) % | ||||||||||||||||||||
| Total revenues | $ | 2,912,054 | $ | 2,639,261 | $ | 272,793 | 10 | % | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of services and product development | 922,557 | 801,568 | 120,989 | 15 | |||||||||||||||||||
| Selling, general and administrative | 1,337,258 | 1,222,815 | 114,443 | 9 | |||||||||||||||||||
| Depreciation | 47,608 | 46,111 | 1,497 | 3 | |||||||||||||||||||
| Amortization of intangibles | 45,636 | 49,902 | (4,266) | (9) | |||||||||||||||||||
| Acquisition and integration charges | 3,341 | 4,496 | (1,155) | (26) | |||||||||||||||||||
| Gain from sale of divested operation | (135,410) | — | (135,410) | nm | |||||||||||||||||||
| Operating income | 691,064 | 514,369 | 176,695 | 34 | |||||||||||||||||||
| Interest expense, net | (51,949) | (61,113) | (9,164) | (15) | |||||||||||||||||||
| Gain on event cancellation insurance claims | 3,077 | — | 3,077 | nm | |||||||||||||||||||
| Other income, net | 3,209 | 37,754 | (34,545) | (92) | |||||||||||||||||||
| Less: Provision for income taxes | 151,575 | 113,570 | 38,005 | 33 | |||||||||||||||||||
| Net income | $ | 493,826 | $ | 377,440 | $ | 116,386 | 31 | % | |||||||||||||||
| nm = not meaningful. | |||||||||||||||||||||||
| As Of And For The Three Months Ended June 30, 2023 | As Of And For The Three Months Ended June 30, 2022 | Increase (Decrease) | Percentage Increase (Decrease) | As Of And For The Six Months Ended June 30, 2023 | As Of And For The Six Months Ended June 30, 2022 | Increase (Decrease) | Percentage Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||
| Financial Measurements: | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenues (1) | $ | 1,207,885 | $ | 1,142,329 | $ | 65,556 | 6 | % | $ | 2,425,076 | $ | 2,278,709 | $ | 146,367 | 6 | % | |||||||||||||||||||||||||||||||
| Gross contribution (1) | $ | 885,282 | $ | 843,965 | $ | 41,317 | 5 | % | $ | 1,784,796 | $ | 1,693,344 | $ | 91,452 | 5 | % | |||||||||||||||||||||||||||||||
| Gross contribution margin | 73 | % | 74 | % | (1) point | — | 74 | % | 74 | % | 0 point | — | |||||||||||||||||||||||||||||||||||
Business
Measurements: | |||||||||||||||||||||||||||||||||||||||||||||||
| Global Technology Sales (2): | |||||||||||||||||||||||||||||||||||||||||||||||
| Contract value (1), (3) | $ | 3,548,000 | $ | 3,305,000 | $ | 243,000 | 7 | % | |||||||||||||||||||||||||||||||||||||||
| Client retention | 84 | % | 86 | % | (2) points | — | |||||||||||||||||||||||||||||||||||||||||
| Wallet retention | 102 | % | 107 | % | (5) points | — | |||||||||||||||||||||||||||||||||||||||||
| Global Business Sales (2): | |||||||||||||||||||||||||||||||||||||||||||||||
| Contract value (1), (3), (4) | $ | 1,009,000 | $ | 880,000 | $ | 129,000 | 15 | % | |||||||||||||||||||||||||||||||||||||||
| Client retention | 88 | % | 88 | % | 0 point | — | |||||||||||||||||||||||||||||||||||||||||
| Wallet retention | 109 | % | 115 | % | (6) points | — | |||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Increase (Decrease) | Percentage Increase (Decrease) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | Increase (Decrease) | Percentage Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||
| Financial Measurements: | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenues (1) | $ | 168,897 | $ | 113,525 | $ | 55,372 | 49 | % | $ | 233,539 | $ | 123,879 | $ | 109,660 | 89 | % | |||||||||||||||||||||||||||||||
| Gross contribution (1) | $ | 98,450 | $ | 73,526 | $ | 24,924 | 34 | % | $ | 125,238 | $ | 70,650 | $ | 54,588 | 77 | % | |||||||||||||||||||||||||||||||
| Gross contribution margin | 58 | % | 65 | % | (7) points | — | 54 | % | 57 | % | (3) points | — | |||||||||||||||||||||||||||||||||||
| Business Measurements: | |||||||||||||||||||||||||||||||||||||||||||||||
| Number of destination conferences (2) | 17 | 14 | 3 | 21 | % | 27 | 19 | 8 | 42 | % | |||||||||||||||||||||||||||||||||||||
| Number of destination conferences attendees (2) | 24,520 | 14,467 | 10,053 | 69 | % | 35,645 | 18,371 | 17,274 | 94 | % | |||||||||||||||||||||||||||||||||||||
| As Of And For The Three Months Ended June 30, 2023 | As Of And For The Three Months Ended June 30, 2022 | Increase (Decrease) | Percentage Increase (Decrease) | As Of And For The Six Months Ended June 30, 2023 | As Of And For The Six Months Ended June 30, 2022 | Increase (Decrease) | Percentage Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||
| Financial Measurements: | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenues (1) | $ | 126,403 | $ | 120,667 | $ | 5,736 | 5 | % | $ | 253,439 | $ | 236,673 | $ | 16,766 | 7 | % | |||||||||||||||||||||||||||||||
| Gross contribution (1) | $ | 47,321 | $ | 50,223 | $ | (2,902) | (6) | % | $ | 98,129 | $ | 101,235 | $ | (3,106) | (3) | % | |||||||||||||||||||||||||||||||
| Gross contribution margin | 37 | % | 42 | % | (5) points | — | 39 | % | 43 | % | (4) points | — | |||||||||||||||||||||||||||||||||||
| Business Measurements: | |||||||||||||||||||||||||||||||||||||||||||||||
| Backlog (1), (2) | $ | 171,600 | $ | 146,800 | $ | 24,800 | 17 | % | |||||||||||||||||||||||||||||||||||||||
| Billable headcount | 935 | 799 | 136 | 17 | % | ||||||||||||||||||||||||||||||||||||||||||
| Consultant utilization | 66 | % | 71 | % | (5) points | — | 66 | % | 72 | % | (6) points | — | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | Increase (Decrease) | |||||||||||||||
| Cash provided by operating activities | $ | 600,461 | $ | 583,392 | $ | 17,069 | |||||||||||
| Cash provided by (used in) investing activities | 109,363 | (38,385) | 147,748 | ||||||||||||||
| Cash used in financing activities | (228,732) | (920,548) | 691,816 | ||||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | 481,092 | (375,541) | 856,633 | ||||||||||||||
| Effects of exchange rates | (6,263) | (20,479) | 14,216 | ||||||||||||||
| Beginning cash and cash equivalents and restricted cash | 698,599 | 760,602 | (62,003) | ||||||||||||||
| Ending cash and cash equivalents and restricted cash | $ | 1,173,428 | $ | 364,582 | $ | 808,846 | |||||||||||
| Period | Total Number of Shares Purchased (#) | Average Price Paid Per Share ($) | Total Number of Shares Purchased Under Announced Programs (#) | Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (in thousands) | ||||||||||||||||||||||
| April 1, 2023 to April 30, 2023 | 144,649 | $ | 306.73 | 144,294 | $ | 910,259 | ||||||||||||||||||||
| May 1, 2023 to May 31, 2023 | 234,758 | 311.24 | 217,944 | 842,727 | ||||||||||||||||||||||
| June 1, 2023 to June 30, 2023 | 44,426 | 342.18 | 41,494 | $ | 827,865 | |||||||||||||||||||||
| Total for the quarter (1) | 423,833 | $ | 312.95 | 403,732 | ||||||||||||||||||||||
| EXHIBIT NUMBER | DESCRIPTION OF DOCUMENT | |||||||
31.1* | ||||||||
31.2* | ||||||||
32* | ||||||||
| 101.INS* | Inline XBRL Instance Document. | |||||||
| 101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |||||||
| 101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
| 101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
| 101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
| 101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
| 104* | Cover Page Interactive Data File, formatted in Inline XBRL (included as Exhibit 101). | |||||||
| Gartner, Inc. | ||||||||
| Date: | August 1, 2023 | /s/ Craig W. Safian | ||||||
| Craig W. Safian | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| (Principal Financial and Accounting Officer) | ||||||||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 10/1/30 | ||||
| 6/15/29 | ||||
| 7/1/28 | ||||
| 10/1/25 | ||||
| 9/28/25 | ||||
| 12/31/24 | ||||
| 6/15/24 | ||||
| 12/31/23 | ||||
| Filed on: | 8/1/23 | 8-K | ||
| 7/31/23 | ||||
| 7/28/23 | ||||
| 7/1/23 | ||||
| For Period end: | 6/30/23 | |||
| 6/1/23 | 4, 8-K | |||
| 5/31/23 | 4 | |||
| 5/1/23 | ||||
| 4/30/23 | ||||
| 4/17/23 | ARS, DEF 14A, DEFA14A | |||
| 4/1/23 | ||||
| 3/31/23 | 10-Q | |||
| 1/1/23 | ||||
| 12/31/22 | 10-K, ARS | |||
| 9/30/22 | 10-Q | |||
| 8/16/22 | 4 | |||
| 6/30/22 | 10-Q | |||
| 3/31/22 | 10-Q | |||
| 12/31/21 | 10-K | |||
| 12/15/21 | 4 | |||
| 6/18/21 | 8-K | |||
| 5/5/21 | 4, 8-K | |||
| 4/1/21 | 4 | |||
| 1/1/21 | ||||
| 12/31/20 | 10-K | |||
| 9/28/20 | 8-K | |||
| 6/30/20 | 10-Q | |||
| 6/22/20 | 8-K | |||
| 3/12/20 | ||||
| 7/6/05 | 4, 8-A12B, 8-K | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/17/23 Gartner Inc. DEF 14A 12:6.6M 5/05/21 Gartner Inc. 8-K:5 4/29/21 14:453K 7/06/05 Gartner Inc. 8-K:1,2,3,5 6/29/05 8:868K Donnelley … Solutions/FA |